Ohio Corporation Franchise Tax Report Instructions For Financial Institutions - 2004 Page 21
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23makes the investment may be carried forward for three tax
• IRC Section 482 Study: Safe Harbor to Avoid Ohio Corpo-
years.
rate Franchise Tax Report Required or Expanded Combi-
nations, June 23, 2000
Note: Although the credits listed in the table on page 22 are
• Withdrawal of Special Instructions, October 31, 1997
available, they generally do not apply to financial institutions.
• Am. Sub. H.B. No. 215, 122nd General Assembly (Budget
For information regarding the credits listed in the table, please
Bill), Summary of Franchise Tax & Income Tax Provisions,
see the franchise tax instructions applicable to general tax-
September 18, 1997
payers (that is, taxpayers that are not financial institutions);
• IRS “Check the Box” Entity Selection Regulations, August
those instructions are available on the Department of Taxa-
19, 1997
tion’s Web site:
• Revisions to May 6, 1996 Information Release, June 18,
1996
Tax Commissioner’s Rules Applicable to Financial
• Alternative 20% Credit, May 7, 1996
Institutions in Determining the Ohio
• Examples Setting Forth the Division’s Interpretation of Ohio
Corporation Franchise Tax
Revised Code Sections 5733.33 and 5747.31, “Second
Credit for Purchases of New Manufacturing Machinery and
5703-5-01 Definitions applicable to rules 5703-5-01 to 5703-5-
Equipment,” May 6, 1996
05 of the Administrative Code
• Second Credit for Purchases of New Manufacturing Machin-
5703-5-02 Date as of which the value of a taxpayer’s issued and
ery and Equipment, September 22, 1995
outstanding stock is determined
• 20% Threshold Test Credit for Purchases of New Manufac-
5703-5-03 Dates on which a taxpayer’s taxable year begins and
turing Machinery and Equipment, September 21, 1995
ends
• Newly enacted Investment Tax Credit Law, October 14, 1994
5703-5-04 Changes of a taxpayer’s annual accounting period
• Recently enacted Legislation Revises the Requirements for
5703-5-05 Taxes excludable in computing the corporation tax un-
Corporations Paying Corporate Franchise Tax by Electron-
der the net worth basis
ic Funds Transfer (EFT), July 31, 1994
5703-5-08 Books from which the value of issued and outstand-
• Taxation of S Corporations and Their Shareholders, July
ing shares of stock is determined under the net worth
31, 1994
basis of the corporation franchise tax
New Legislation Requires Certain Corporations to Pay Cor-
5703-5-10 Corporation franchise tax; accounts maintained un-
porate Franchise Tax by Electronic Funds Transfer, Octo-
der Statement of Financial Accounting Standards No.
ber 29, 1993
106
• Safe Harbor Leases: Franchise Tax Policy Change, Novem-
5703-5-12 Requests for an opinion of the tax commissioner
ber 10, 1992
• Application of Ohio Revised Code Section 5733.053 (Trans-
Information Releases
feror Statute) to the Merger of a C Corporation into an S
Corporation, September 24, 1992
Since 1991 the Income Tax Audit Division has issued the follow-
• Schedule B-3 (Combined) – Related Entity and Related
ing Information Releases:
Member Adjustments for Corporations Included in a Com-
• Ohio Bonus Depreciation Adjustment and the Internal Rev-
bined Franchise Tax Report, May 6, 1992
enue Code’s Passive Activity Loss, Basis Limitation and At-
• Exempt Federal Interest, January 9, 1992
Risk Rules, November, 2002
• Credit for Investment in Qualified Subsidiaries, July 16, 1991
• Recently Enacted Ohio Legislation Affects Depreciation De-
• Taxpayer Elected Franchise Tax Combinations, May 15,
ductions for Taxable years Ending in 2001 and Thereafter,
1991
July, 2002
• Foreign Technical Service Fee Deductions, May 15, 1991
• Pass-through Entity Tax: Certain Estimated Tax Payments
Due September 16, 2002, July 3, 2002
Tax Information Releases are not Opinions of the Tax Commis-
• Corporate Franchise Tax – Nexus Standards, September,
sioner within the meaning of O.R.C. section 5703.35. Neverthe-
2001
less, the releases do reflect the Department of Taxation’s inter-
• Corporation Franchise Tax Nexus for Non-resident Limited
pretation of the law. Information Releases are available on the
Partners Following the UCOM Decision, March 15, 2001
department’s Web site:
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